EDC set to meet Wednesday, discuss budget, legal representation

By LYNETTE SOWELL

Cove Leader-Press 

On Wednesday at noon, the Copperas Cove Economic Development Corporation board of directors will hold its regular meeting for the month of August, at the Copperas Cove Economic Development Corporation building, located at 210 S. 1st St.

At the top of the agenda is an item which has come before the board once before, at its Monday, August 7 meeting, the first amendment to the land exchange agreement that the City of Copperas Cove, the Coryell County commissioners and the EDC board entered into on May 12 of this year. This request would change the closing date to beyond the 90-day window given in the original agreement, to a date on or before October 1. 

Following that item, Marc Farmer, the EDC executive director, is bringing a contract for services from the Knight Law Firm, LLP, for direction from the board. The board gave its nod to the Knight Law firm during its July meeting, but at this point, a contract has not been approved between the EDC and the law firm for representation. 

The EDC’s fiscal year 2016 annual financial report is being brought back to the board again for acceptance. It also was presented at the July meeting, but the board postponed any action until its next regular meeting to have more time to look at the report.

The board is also being presented with a request to release funds to the City of Copperas Cove for payroll charges of the Economic Development Department employees and various City employees for work performed for the EDC during June and July 2017. 

The June 2017 financial report is bring presented to the EDC board for discussion and approval. The report contains information about the EDC’s investment portfolio, revenues to include sales tax revenue, expenditures, along with interest earnings. 

Also up for approval is the budget for the 2017-2018 fiscal year, which projects EDC revenues of $1,189,375, made up of sales tax revenue and interest income totaling $1,189,375. Proposed operating expenditures for the next year total $385,775, along with expenditures to include a little more than $1.4 million toward the land exchange, payments of $133,000 for the EDC’s commitment to the southeast bypass, and an annual debt payment of $148,297. The EDC would begin the next fiscal year with $3.940236 million of fund balance and end the year with $3.050511 million. 

The EDC board will also discuss dates for the board/staff retreat and planning session.